Happy New Year and welcome to 2008. With the tinsel and fairy lights stashed back in a box in the cupboard attention turns to new years’ resolutions. The powers-that-be on the Costa del Sol I am sure resolve to make 2008 a year of progress and peace leaving the skeletons of 2007 well inside a closet of their own. Our resolution at Duchy Estates is to continue doing what we’ve always done so well, putting the customer at the centre of all we do and matching them to their perfect home. So if your wish list for 2008 includes laying claim to your own bricks and mortar in Spanish sunshine, then get in touch and we’ll make that wish come true. Wishing you health and happiness for 2008. Adam Gale, Managing Director, Duchy Estates. Click the headlines to read more... Costa del Sol Golf Property to Become a Finite Resource - A new decree puts an end to private golf courses surrounded by residential property. Spanish ‘Cambio de Casa’ - Move to a New Home without Selling the Old Arana de Mijas - Guaranteed Rentals in Guaranteed Sunshine The Duchy Estates Team - Another Name to Remember A Feel-Good Bargain Property - A mammoth 40,000 euros slashed from the asking price Costa del Sol Golf Property to Become a Finite Resource In the 1970s golf courses began to appear on the Costa del Sol, gradually at first and then by the fistful throughout the 1980s, 1990s and beyond. Tourists flocked, attracted by the fact that they could play cheap public golf in the year-round sunshine. But soon the residential developers spotted a money-making opportunity and many courses went private to residents whilst the rest put their prices up. The Costa del Sol was in danger of biting the hand that fed it, but that’s all to change. The Junta de Andalucía (Regional Government) is drawing up a new decree which states that all new golf courses in Andalucía will have to be public and not part of any housing developments. Hotels and leisure facilities will be permitted but no residential property. The new courses will also only be able to use recycled water. Although there is no date set for approval, the decree is set to be passed without fuss and will have a major impact on the 300 more courses predicted to join the existing 95 courses in the region. Adam Gale, Managing Director of Costa del Sol estate agent Duchy Estates comments, “Golf tourism is big business for Andalucía creating hundreds of jobs and bringing in 512 million euros to the region in 2006 alone, but golf course owners and developers have got greedy. The courses that remain pay-and-play are now more expensive than comparable courses in the UK and a minority are in bad shape for the prices they charge. Other courses have gone private and players either have to cough up a phenomenal amount for a golf share or buy a property to get on the fairways. The Costa del Sol was in danger of losing out on golf tourism due to greed so this new decree is very welcome. We should now be able to go down to brass tacks and promote a coastline that has great weather, is easy to get to, has superb golf courses and affordable green fees.” Of course this will ultimately make golf property an endangered species. The protected views, big green back gardens, abundance of on-site facilities and ability to tee off virtually on the doorstep will be preserved for the owners of current residential golfing stock. Expect these properties to at worst hold their value, and at best, increase markedly in price. Golf Property on the market on the Costa del Sol: Apartment, La Quinta Golf – south facing two bedroom two bathroom garden apartment within one of the most sought-after residential communities on the Costa del Sol, La Quinta Golf. The property is finished to a superior standard with cream marble floors, a fully fitted kitchen with Bosch appliances and hot and cold air-conditioning. The bright terrace and private garden enjoy plenty of sunshine whilst the communal pool nestled into landscaped gardens is set against an incredible mountain backdrop. 360,000 euros. Penthouse, Los Flamingos Golf – a phenomenal three bedroom three bathroom corner penthouse unit boasting the most incredible views across the fairways of Los Flamingos, the five star Ritz-Carlton Villa Padierna and down to the Mediterranean Sea. Modern kitchen with Bosch appliances, enormous south facing terrace, double garage, storage and no less than five swimming pools set in tropical gardens. Priced at 100,000 euros below market value, now 849,000 euros. Contact Duchy Estates on spain@duchyspain.com, visit www.duchyestates.co.uk or telephone UK freephone 0800 849 8089 or call the Spanish office on 00 34 952 906 944. Spanish ‘Cambio de Casa’ - Move to a New Home without Selling the Old According to a Spanish national chain of estate agents, Don Piso, the average time it takes to sell an apartment has increased by over 40% over the last two years from 86 days in 2005 to 120 days in 2007. This trend is being felt markedly on the Costa del Sol as the property market eases its way out of a boom and into a period of normality. However, there is good news for those who want to up- or down-grade their home in Spain but haven’t managed to sell, and that’s a ‘Cambio de Casa’ mortgage. Cambio de Casa (literally meaning ‘Change of House’) is a clever mortgage which enables you to move without having achieved a sale on your current home. This particular product, available through The Spanish Mortgage Exchange, offers a three month mortgage holiday and then two years worth of repayments equivalent to your existing mortgage subject to a valuation on the property. If in the unlikely event that you have not sold by year two, the two mortgages would be rolled together and paid on an interest-only basis until year five or the property is sold, whichever comes soonest. Upon sale, the mortgages are adjusted by the bank for a smooth, effortless switch over. Meanwhile, the homeowner is able to take rental income from their first home at the same time as enjoying their new home. The scheme is flawless. Adam Gale, MD of Costa del Sol estate agent Duchy Estates comments, “this Cambio de Casa system is ideal for today’s slower moving market. The Costa del Sol isn’t all about holiday homes, there are plenty of permanent expat residents here and this product will mean that they don’t have to rush through a sale to snap up the new house of their dreams but instead can sit back and achieve a sensible price for their home without being hit financially with hefty mortgage repayments. I have seen one to two year Cambio de Casa offers, but never for five years, so this is truly the best option available on the market.” For more information on Cambio de Casa mortgages, which are available subject to status and the supplying of relevant original documentation, contact Duchy Estates and we will put you in touch with the experts. Contact Duchy Estates on spain@duchyspain.com, visit www.duchyestates.co.uk or telephone UK freephone 0800 849 8089 or call the Spanish office on 00 34 952 906 944. Arana de Mijas – Guaranteed Rentals in Guaranteed Sunshine In a competitive property market the development of Arana de Mijas stands out as a beacon amongst a blur of mediocrity. The superb development of 160 apartments occupying a privileged spot within Mijas’ iconic new one million square metre golf resort, Cerrado del Aguila, not only wins on place but also on price and product. And, such confidence has the developer that a guaranteed rental of 5% per annum for two years from completion is being offered to all purchasers. With a contemporary architectural style, homes at Arana de Mijas are spacious, equipped with the latest domotics and importantly – courteous to the environment. Modern construction techniques ensure energy efficiency, saltwater systems are used in the communal swimming pools, the attractive landscaped gardens are lovingly planted with native species and a centralized solar energy system is expected to cut individual consumption costs to less than half the usual rate. Arana de Mijas itself treats owners to a heated indoor swimming pool, Spa with Turkish bath and sauna, two outdoor swimming pools, padel tennis court and a residents-only concierge service to cater to every whim including repairs, cleaning, babysitting, car hire, maintenance and rentals. The macro-resort of Cerrado del Aguila extends its facilities to Arana de Mijas residents and these include an 18-hole PGA standard golf course and luxury suite hotel which is sited at the highest point of the resort affording guests panoramic views across the golf, the picturesque town of Mijas and the deep blue Mediterranean beyond. After a long round golfers will enjoy an innovative yet practical Clubhouse. Fusing oriental, Caribbean and tropical styles, the facility will have a coffee shop, bar and restaurant with spacious terraces from which to capture the all-day sun, pro shop plus changing rooms with Jacuzzi and sauna. Cerrado del Aguila is located at the heart of Mijas’ ‘Golf Valley’ with an additional six golf courses within five minutes of the resort to tackle. The famous Hipodromo Costa del Sol racecourse, fun-packed AquaPark, sweeping sandy beaches and tasty seafood restaurants of Mijas are also within easy reach. Málaga International Airport served by both no-frills and no-corners-cut airlines can be accessed by motorway in 15 minutes and the new high speed AVE connects Madrid to Málaga in a rapid two and a half hours. Prices start from 285,000 euros for a two bedroom apartment and payment terms begin with a 6,000 euro reservation deposit followed by 10% on private purchase contract and 90% upon completion scheduled for Summer 2009. The guaranteed rental scheme of 5% per annum for two years is optional but owners must either fully furnish and equip the property themselves or request that the developer carries out this task for an additional charge. Owners are liable to pay community fees, IBI (similar to council tax) and utility bills during the guaranteed rental period. Contact Duchy Estates on spain@duchyspain.com, visit www.duchyestates.co.uk or telephone UK freephone 0800 849 8089 or call the Spanish office on 00 34 952 906 944. The Duchy Estates Team – Another Name to Remember Property Sales Consultant Peter has a both lengthy and impressive property pedigree which belies his youthful looks. After five years in Quinta do Lago on the Portguese Algarve he moved to the Costa del Sol and enjoyed five and a half years in Sales Management for renowned resort company, Marriott. Peter then sidestepped into real estate for a Spanish luxury property agent before settling into his role at Duchy Estates in September last year. A fan of people, cars and music, Peter plays the drums in a rock band gigging up and down the Costa del Sol. A Feel-Good Bargain Property The festive period is always a costly one. Gifts, food, heating bills and travel expenses all mount up and by January the bank balance needs a breather from the assault. Duchy Estates has kindly sniffed out a treat of a property that won’t make you recoil at the price-tag as it has just had a mammoth 40,000 euros slashed off the asking price. This two bedroom two bathroom garden apartment is within just a few minutes’ stroll of the beach and close to the chic resort of Puerto Banús. Inside the home boasts every creature comfort from marble flooring to hot and cold air-conditioning and a fully equipped kitchen to a working fireplace whilst outside the resort has infinite appeal for sporty types. Offering several communal swimming pools, a gymnasium, tennis courts and even a lavish outdoor Jacuzzi, this is the perfect feel-good property to start 2008 with a smile. Price – now only 300,000 euros for a 128m² apartment. We’ll shortly be leaving a cold winter (yes, we think 16ºC is cold!) behind us on the Costa del Sol and entering into a balmy Spring followed by a scorching Summer. So now is the perfect time to dig out those shorts and dust off the sunglasses and make a trip to southern Spain to view some property. It’s currently a buyers’ market but we don’t know how long for, so don’t delay book a research trip today Duchy Estates - Research Trips. Adam Gale, Managing Director Contact Duchy Estates by phone 00 34 952 906 944 or email spain@duchyspain.com or visit our website www.duchyestates.co.uk for further information.